The 'rock and roll' lifestyle of thousands of people
means that spending on alcohol and cigarettes is outstripping savings
every month, according to Birmingham Midshires.

The latest snapshot poll carried out as part of Midshires'
continuing campaign to promote regular savings shows more are drinking
than saving each month and four times as many spend more money on fast
food than on exercise.

Midshires said the trend was particularly strong among people in
their 20s.

Three in five people (60 per cent) spend money in pubs or on
alcohol each month, spending on average of pounds 60.56;

Almost one in three Britons (30 per cent) spend money on cigarettes
each month - with an average spend per person of pounds 63.87 - the
equivalent of ten cigarettes a day;

Even more young people are spending money of alcohol and
cigarettes. Also, mobile phone spending is now one of the highest
regular outgoings for teenagers and 20-somethings. More than 80 per cent
of people in their 20s claim to spend an average of pounds 40.13 each
month;

Overall, money wasted on frivolous activities is costing Britons
dear. Only one in two people (50 per cent) claim to save each month and,
of those who do save, most (44 per cent) claim to save less than pounds
50 a month.

Tim Hague, head of savings and investments at Birmingham Midshires,
said: 'Our lifestyles could be a key factor detrimentally affecting
our ability to save.

'An example of this is that an apparent pub culture could be
limiting young people's savings habits.

'The positive difference of making a few simple spending
cutbacks can't be underestimated.'

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